You are planning the audit of Bluechip Ltd, a company with investments in listed securities that you consider to have a low level of inherent risk. What is the most appropriate level of planning materiality for the 30 June 2022 audit given the following balances: (all amounts are in $'000) Sales: 1420 (2022); 1278 (2021); 1136 (2020) Profit: 23 (2022); 188.6 (2021): -161 (2020)
You are planning the audit of Bluechip Ltd, a company with investments in listed securities that you consider to have a low level of inherent risk. What is the most appropriate level of planning materiality for the 30 June 2022 audit given the following balances: (all amounts are in $'000) Sales: 1420 (2022); 1278 (2021); 1136 (2020) Profit: 23 (2022); 188.6 (2021): -161 (2020)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You are planning the audit of Bluechip Ltd, a company with investments in listed securities that you consider to have a low level of inherent risk. What is the most appropriate level of planning materiality for the 30 June 2022 audit given the following balances: (all amounts are in $'000)
Sales: 1420 (2022); 1278 (2021); 1136 (2020)
Profit: 23 (2022); 188.6 (2021): -161 (2020)
Current assets: 1800 (2022); 1620 (2021); 1440 (2020)
a.
1.2
b.
2.3
c.
14.2
d.
18.0
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